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Vietnam Industrial production February 2024

Vietnam: Industrial activity records largest decline in over one year in February

Industrial output nosedived 6.8% year on year in February (January: +18.3% yoy). The figure marked the worst reading since January 2023. The reading reflected a broad-based downturn across the major sectors, with manufacturing, electricity and mining and quarrying all contracting in February.

That said, a decline was to be expected given that the Lunar New Year (LNY) festivities fell in February this year, compared to January last year. Looking at January and February together to remove the distortions arising from the LNY, industrial production rose 5.7% in annual terms.

Over 2024 as a whole, industrial output is forecast to record near-double-digit growth, on the back of an upturn in global electronics demand boosting the manufacturing sector.

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